Interest Rates went down a little again this week. After jumping a little at the end of last week. In the last couple of days we are seeing  a huge surge of Refi applications throughout the United States. As buyers and home owners prepare for higher interest rates in the months ahead.

Apparently everyone is heeding my warnings, and have finally realized these rates are a very short term situation. Consumers are preparing for rates to jump back up to what they need to be. It is going to be intersting to see how this shakes out in the economy. I keep having this discussion with many other professionals, and it shocks me to hear the many different opinions. I mean, really? How can you not see that rates can not stay as low as they are currently? With inflation looming over our heads, if we don’t do something things could get a lot worse really fast. Lets just cross our fingers and pray at this point ..

And if you are in the market and want to take advantage of a great deal, and an incredible interest Rate In UTAH, check out the new Bank Foreclosure site for UTAH

Bank Foreclosures in UTAH

We will most likely see a spike in Foreclosures in 2010, we still need to weed out some of tha bad toxic assets that some banks have been holding onto. It will be a relief when we can actually get rid of some of the inventory. Now, in the meantime it is going to be a little painful to get through it all. So many people have questions about the process of finding bank deals, REO properties.. The best thing to do is get in touch with a local Real Estate Broker, who has proven experience in that area, and they will be able to provide you with all of the lists of Bank Foreclosures in your state and local areas..

If you are looking for a bank foreclosed home in UTAH check out the REO’s in UTAH..

http://www.bankforeclosuresutah.com/

Top Foreclosure Cities

1. Las Vegas, NV (30,387)
2. Chicago, IL (21,799)
3. Phoenix, AZ (15,843)
4. Los Angeles, CA (10,993)
5. Miami, FL (8,299)
6. Sacramento, CA (7,197)
7. Houston, TX (7,076)
8. North Las Vegas, NV (7,076)
9. Orlando, FL (6,714)
10. San Diego, CA (6,431)
11. Philadelphia, PA (6,344)
12. Jacksonville, FL (6,280)
13. Atlanta, GA (6,261)
14. Indianapolis, IN (6,186)
15. Bakersfield, CA (5,929)

Weak Data Moves Mortgage Rates Lower
	Highlights	Average 30 yr fixed rate		Stocks (Weekly)
	Weekly Jobless Claims unexpectedly jumped to a three-month high January New Home Sales dropped 11% from December to a record low Bernanke said he doesn’t anticipate any MBS sales by the Fed in the near term The Fed purchased $11 billion in agency MBS, with about $44 billion more to go
		This week: -0.10%		Dow: 10,350 -50
		Last week: +0.10%		NASDAQ: 2,240 -10
After several weeks of focus on Fed actions and events in foreign markets, domestic economic data was the primary influence on mortgage markets this week. Weaker than expected results from the data helped mortgage rates, which ended the week lower. While it is rarely a big market mover, this week’s Consumer Confidence report shocked investors. The index declined to 46.0, far below the consensus forecast of 55.0, and the lowest level in nine months. Consumers are clearly worried about the labor market, and an increase in Jobless Claims in recent weeks has amplified the issue. The decline in confidence has potentially negative consequences for the economy. Consumer spending accounts for about 70% of economic activity, and this data raises concerns about the level of future spending. Also, home sales suffer during periods of low consumer confidence, and the housing data released this week reflected consumer insecurity. Of course, slower economic growth is favorable for mortgage rates, which fell after the report came out. In contrast to the weakness seen in many of the consumer-driven economic reports, the manufacturing sector has been demonstrating strong performance in recent months. Fourth quarter Gross Domestic Product (GDP), the broadest measure of economic activity, rose at a brisk 5.9% annual rate, largely due to a pickup in manufacturing. The added boost from manufacturing may be temporary, however. During the financial crisis, companies drew down inventories as much as possible to conserve capital. As the economy has shown improvement, companies have been increasing inventories closer to pre-crisis levels. When the inventory rebuilding is complete, manufacturing is expected to return to more normal levels.

Interest Rates are on the RISE

So, I am now writing this post to say I told you so.. We all knew interest rates wouldn’t stay as low as they have been forever right? I mean the whole inflation aspect which I don’t even want to get into is another issue. But, people need to realize at some point we are going to start having to pay for all the spending we are doing as a country. One of those ways is by raising rates. Companies will make more money, they can pay more taxes. It is a gigantic cyle, what goes up must go down. Now the thing the media doesn’t want to tell you , because they love to instill fear the society. What goes down, must go up! So, once again I am going to take the standpoint of we are in for a pretty rock road for the next 6 months. But then, I am going to go out on a limb and say we will see an uptick.. Just my opinion.

Now, really fast we need to express the interest rate situation.

1. Interest Rate went up this week
2. Interest Rate’s are going to keep going up.. How much? I would say a full point. I wouldn’t be surprised to see interest Rates in the 6% range this summer
3. Tax incentives are up in April…
4. Home values for affordable housing are at their low in majority of locations.
5. Act now, or you will be upset in 6 months, and I will be telling you I told you so again..

I would love to hear your opinion about Interest Rates, so comment email or whatever..

Also if you are looking for a great deal in Utah.. Check out the free list of Bank foreclosures in UTAH

Bank Foreclosure in UTAH

What is the Bank Rate?

Do I agree with this article compeltely? No, I don’t. I think just the opposite, I think this means we can expect the Consumer Rate, or interest Rates to follow in the footsteps of the bank rate. The fed also announced they are going to discontinue the purchase of mortgage backed securities. What do you think that is going to do to the market? Don’t you think that will effect the bond market? In turn interest rates will go up..

Interest Rate are on the Rise!

So many people are trying to interpret what this means? Well I am obviously a part of that crowd, but I think in more realistic terms. It is reality they will go up, its just a matter of time.

So for you first time home buyers, take advantage of it now, get a low interest rate, get a tax credit, take advantage of the gluttony of homes on the market…

Utah Bank Foreclosures

One of the biggest factors is your Credit Score.

Credit score and interest rates..

If you have a credit score under 620, good luck getting a loan. And if you get a loan, your interest rate will be a lot higher than the average..Your DTI will be the next factor in getting a loan. DTI? Debt to Income Ratio. This means, how much debt do you have and are obligated to pay on in relation to how much money you make.

Another factor is job history, if you are someone who changes jobs often and has not been with one employer for a significant amount of time. Most banks will look at you as a risky buyer. There are many other factors effecting the loan approval process, if you would like more information please let me know..

http://utahcribs.com/

http://www.bankforeclosuresutah.com/
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The clock is ticking on the Homebuyer Tax credit. A lot of buyers want to take advantage of the tax credit, however time is not on your side.. There are a few things every buyer should be aware of..

1. In order to actually qualify to recieve the tax credit, you need to be under contract on the property before April 30,2010
2. The obvious, buyer need to be pre-qualified with a lender, can you get a loan?
3. Remember FHA premiums are going up April 2.. If you do not know what this means talk to a professional. It will effect the majority of you.

Great article explainging the Timeline

NOw, you need to make sure you get out there and find the house you all are looking for.. If you are in the market for a deal as most of you are.. Take a look at your local Bank Foreclosures, they have some great buys right now.. Contact a professional in your area to help find that list..

Bank Foreclsoures in UTAH

1. How much can I afford? – You need to get a loan officer and figure out the financing before you even think about what type of a house you want.
2. What are my other housing costs outside the loan? – Often times buyer don’t realize there are other costs associated with actually buying a home.
3. What do I need in a house or home?- Fundamentals that will fit your situation.
4. Will this house fit my long term goals?
5. Am I truely prepared to be a home owner?- What does it really mean to be a home owner?

These are just a few questions every First Time Home Buyer should be asking themselves. You need to get a professional in your area that can help you with answering these questions..

I am constantly getting asked about the market, and where do I find the best deals.. So if you are a first time home buyer in Salt Lake City Utah, here are a few resources for you ..

Best Deals in Salt Lake City Utah

Free Bank Foreclosures in UTAH

I think we are in for another up and down year, and I will tell you why?

Market Update, interest rates, and tax incentives

Bottom line people, is that as a society we can not afford to keep giving money to people to buy things. IE…. Tax incentives are not going to be around after this spring. The rule says, be under contract in a new home by April 30, 2010 and close by June 30, 2010. Or you will not qualify for the tax credit… If you have questions about it, call me or email me and I will help you out.

Now Interest Rates? You would be blown away at how many people are interested in this subject, the affordablity of a home is tied to your interest rate. Do I think they are going to go up? Yes, Interest Rates are going to go up, I don’t care what you think or why, bottom line interest rates will have to go up in 2010

Ok, now the last thing. Bank Foreclosures in Utah. Do I know where a list of Free Bank Foreclosures in Utah is? Yes I do, all you need to do is go to this website and sign up, they will simply email you a list once a week of the new Bank owned homes in Utah, Check it out easy..

FREE Bank Foreclosures in UTAH

Buy a home in 2010 before interest rate go up

There are 4 main reason’s to get out and buy a home today.

1-Fed Deadline -Fed says it is going to stop buying mortgage backed securities by march..
2-FHA Premium Increase – FHA premiums are going up to 2.25 % of the purchase price of your loan.
3-Home Buyer Tax Credits – In may the Tax credit incentives are going to expire
4- Interest Rates.- Interest rates have been consistently going up.

Interest Rate Updates